Apartment Owners Get a Break on Insurance Costs

Apartment owners benefited from lower insurance costs in 2010, according to a survey conducted by the National Multi Housing Council.

Most owners saw a reduction of about 6% from 2009 to 2010.

Our findings show that its a buyers market, commented Jeanne McGlynn Delgado, NMHCs Vice President of Business and Risk Management Policy. The momentum of insurance rate decreases accelerated in 2010, following decreases in 2008 and 2009.

Market reports indicate that insurers are relatively flush with capital and rates are low. The frequency and severity of losses have been on a decreasing path since 2004. According to industry experts at survey partner Conning Research and Consulting, these conditions will continue until significant events push rates upward.